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Education

StreetSmarts SM

Relationships – the key to your success

By Marc Beauchamp According to customer relationship management experts,
Bankcard Life companies can increase revenue by 50 percent if they
retain only 5 percent more of their customers. We are
facing some of the highest attrition rates in our industry's
hen I was in the field, one of the first ques- history. If you don't keep your name in front of your
tions I would ask a merchant prospect when merchants, a competitor will replace you.
initiating the sales process was, "When was Solidify your most valuable relationships
W the last time you heard from your merchant
services sales representative?" The answer was usually, Many MLSs are driven, financially and philosophically,
"The day they delivered and installed my terminal." The to make cold calls, pursue new contacts and acquire new
merchant level salespeople (MLSs) mentioned had closed customers. Often, however, they give little thought to
sales, but had failed miserably because they didn't create nurturing relationships with their existing customers.
ongoing relationships that could have yielded significant Given that acquiring a new customer can cost five to
future business. seven times more than retaining an existing one, this is a TouchSuite
costly approach.
Why focus on relationships?

Relationships between a company's representatives and Merchants who are continuously courted, interacted with Wants To Buy
their prospects, customers, distributors, employees and and reminded of your company's presence are less likely
referral sources are vital to continued, sustained growth to race off when competitors call. Making your customers Your Portfolios!
and stability. Loyal relationships with these valued feel recognized, known and appreciated can significantly
individuals make for a profitable company and reduced help ensure their loyalty. It's also a great way to gain
merchant attrition. excellent referrals.

So, why do so few MLSs focus on customer relationship Look at how retailers market products now. Almost We are one of the most active portfolio
marketing? My most frequent answer is lack of every major retailer employs a loyalty, frequent shopper, buyers in the market and we actually close
understanding of the potential profits in keeping existing or preferred customer program, often via mobile app.
customers happy versus constantly acquiring new ones. They're not offering these out of altruism: they are
utilizing cutting-edge relationship marketing programs For a complimentary valuation, please call
Many merchants switch processors because their because they drive profits. our dedicated team or email us at
processors appear to be indifferent, which doesn't Restore broken relationships, win back business acquisitions@touchsuite.com
engender loyalty. Focus as much or more attention
on merchant retention as you do on new customer Even with the best merchant retention efforts, some
acquisition. Don't be a victim of indifference. Develop relationships will inevitably break down. For various
a good relationship marketing program that takes into reasons, merchants will cancel their contracts and choose
consideration both customer relationship marketing and another provider. But those relationships aren't always
customer acquisition via relationship marketing. lost. touchsuite.com
(844) 453-8422
With well-planned relationship marketing, you can Repairing a broken relationship is more efficient than
improve retention, and that will impact the bottom line.
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